Abstract
The commodity boom of 2004–2012 transformed the fortunes of the mining industry. It also catalysed some important changes in the industry, changes which are likely to have long-lasting effects. These changes include a decisive shift in the customer base of the industry towards emerging economies, particularly those in Asia; a move away from contract pricing towards spot pricing resulting in increased volatility in mineral prices; a growing role in the global industry for emerging economy mining companies; increased operating and capital cost pressures resulting from depletion and tightening environmental standards; and continuing pressures on the resource sector from nationalism and protectionism. These issues collectively represent a challenging backdrop for the establishment of regulatory frameworks for the industry which satisfy the needs of investors while at the same time providing fair and sustainable benefits for mineral host countries.
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